Description

Learning Goals Learn how companies find and develop new-product ideas Understand the steps in the new-product development process Know the stages of the product life cycle Realize how marketing strategies change during the product’s life cycle

Learn how companies find and develop new-product ideas

Understand the steps in the new-product development process

Know the stages of the product life cycle

Realize how marketing strategies change during the product’s life cycle

Focus on Innovation Names its culture of continuous innovation “renewal” Organizes into autonomous units that help foster innovation Large R&D budget of $3 billion with 40% of employees involved in R&D Corporate Results Annual sales of $36 billion across 130 countries Global market share of 38%, greater than that of its nearest three rivals combined Case Study Nokia

Focus on Innovation

Names its culture of continuous innovation “renewal”

Organizes into autonomous units that help foster innovation

Large R&D budget of $3 billion with 40% of employees involved in R&D

Corporate Results

Annual sales of $36 billion across 130 countries

Global market share of 38%, greater than that of its nearest three rivals combined

Definition New Product Development Development of original products, product improvements, product modifications, and new brands through the firm’s own R & D efforts. Goal 1: Learn how companies find & develop new-product ideas

New Product Development

Development of original products, product improvements, product modifications, and new brands through the firm’s own R & D efforts.

New Product Development Strategy New products can be obtained via acquisition or development. New products suffer from high failure rates. Several reasons account for failure. Goal 1: Learn how companies find & develop new-product ideas

Stages of the New Product Development Process Stage 2: Idea Screening Product development costs increase substantially in later stages so poor ideas must be dropped Ideas are evaluated against criteria; most are eliminated Goal 2: Understand steps in the new-product development process

Stage 2: Idea Screening

Product development costs increase substantially in later stages so poor ideas must be dropped

Ideas are evaluated against criteria; most are eliminated

Stages of the New Product Development Process Stage 3: Concept Development and Testing Concept development creates a detailed version of the idea stated in meaningful consumer terms. Concept testing asks target consumers to evaluate product concepts. Goal 2: Understand steps in the new-product development process

Stage 3: Concept Development and Testing

Concept development creates a detailed version of the idea stated in meaningful consumer terms.

Concept testing asks target consumers to evaluate product concepts.

Stages of the New Product Development Process Stage 4: Marketing Strategy Development The target market, product positioning, and sales, share, and profit goals for the first few years. Product price, distribution, and marketing budget for the first year. Long-run sales and profit goals and the marketing mix strategy. Goal 2: Understand steps in the new-product development process

Stage 4: Marketing Strategy Development

The target market, product positioning, and sales, share, and profit goals for the first few years.

Product price, distribution, and marketing budget for the first year.

Long-run sales and profit goals and the marketing mix strategy.

Stages of the New Product Development Process Stage 5: Business Analysis Sales, cost, and profit projections Stage 6: Product Development Prototype development and testing Goal 2: Understand steps in the new-product development process

Product Life-Cycle Strategies The product life cycle concept can be applied to a: Product class (soft drinks) Product form (diet colas) Brand (Diet Dr. Pepper) Using the PLC to forecast brand performance or to develop marketing strategies is problematic Goal 3: Know the stages of the product life cycle process

The product life cycle concept can be applied to a:

Product class (soft drinks)

Product form (diet colas)

Brand (Diet Dr. Pepper)

Using the PLC to forecast brand performance or to develop marketing strategies is problematic

Product Life-Cycle Strategies Product development Introduction Growth Maturity Decline Begins when the company develops a new-product idea Sales are zero Investment costs are high Profits are negative PLC Stages Goal 4: Realize how marketing strategies change during the product life cycle

New-Product Development and Product Life-Cycle Strategies

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Chapter 9: New Product Development & Product Life Cycle Strategies. By robmaxfield 24 terms by ... New-Product Development & Product Life-Cycle Strategies.Read more

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